Global Financial Elite Don’t Want to be Fooled Again.

Bloomberg notes in a story that scarred by the worst banking crisis since the Great Depression and the hubris that preceded it, bankers, investors and policy makers who gathered in Davos, Switzerland, last week gave a guarded welcome to signs of recovery in the world economy and the endurance of the euro region.

Bloomberg said even as investors were lifting the S&P 500 Index about 1,500 for the first since 2007, the mood in Davos was “totally different” when stocks last reached that peak.

Bloomberg noted that this year, executives from Deutsche Bank and Goldman Sachs were quick to couple upbeat assessments with warnings that economies remain fragile and prone to policy error. Some bankers fretted that credit bubbles may be forming as central banks pump out cash.